Required information The following information applies to the questions displayed below.) The following calendar year-end information...

Question

Required information The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 26,100 Direct labor 8,700 Income taxes expense 10,100 Indirect labor 33,900 Miscellaneous production costs 127,800 Office salaries expense 7,700 Raw materials purchases 44,000 Rent expense-Office space Rent expense-Selling space 161,200 Rent expense-Factory building 182,880 Maintenance expense-Factory equipment 19,580 Sales 20,300 Sales salaries expense 168,380 143, 100 688,880 271,600 56,100 10,100 66,000 968,000 29,000 25,300 79,300 36,100 4,456,800 399,900 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 4,456,800 Cost of goods sold Cost of goods manufactured Finished goods inventory, December 31, 2016 Goods available for sale

 · Answer

LEONE COMPANY        SCHEDULE OF COST OF GOODS MANUFACTURED      For the year ended December 31, 2017    Direct materials:      Raw materials inventory, December 31, 2016        161,200.00     Raw material purchases        968,000.00      Raw materials available for use     1,129,200.00     Less: Raw materials inventory, December 31, 2017        182,000.00      Direct materials used                947,200.00     Direct labor                688,800.00     Factory overhead:      Factory supervision        127,800.00     Factory supplies used             7,700.00     Factory utilities           44,000.00      Maintenance expense-Factory equipment           36,100.00     Rent expense-Factory building           79,300.00      Depreciation expense-Factory equipment           33,900.00     Indirect labor           56,100.00      Miscellaneous production costs           10,100.00     Total factory overhead costs                395,000.00     Total manufacturing costs            2,031,000.00    Add: Work in process inventory, December 31, 2016                  19,500.00    Total cost of goods in process            2,050,500.00    Less: Work in process inventory, December 31, 2017                  20,300.00     Cost of goods manufactured            2,030,200.00     LEONE COMPANY      INCOME STATEMENT      For the year ended December31, 2017     Sales            4,456,800.00    Cost of goods sold:      Cost of goods manufactured     2,030,200.00     add: Finished goods inventory, December 31, 2016  168300      Goods available for sale     2,198,500.00     Less: Finished goods inventory, December 31, 2017  143100      Cost of goods sold            2,055,400.00     Gross profit from sales            2,401,400.00     Operating expenses:      Selling expenses:       Depreciation expense-Selling equipment           10,100.00     Rent expense-Selling space           25,300.00     Sales salaries expense        399,900.00      Advertising expense           26,100.00     Total selling expenses                461,400.00    General and administrative expenses:      Rent expense-Office space           29,000.00     Office salaries expense           66,000.00      Depreciation expense-Office equipment             8,700.00     Total general and administrative expenses                103,700.00     Income before taxes            1,836,300.00    Income tax expense                271,600.00     Net Income            1,564,700.00   .

Required information The following information applies to the questions displayed below.) The following calendar year-end information...

Question:

Answers

Similar Solved Questions

In SI units, what is the change in the magnitude of the momentum of a 1210...

Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of...

Chapter 04, Problem 018 4.07 + 叨m/s 2 A moderate wind accelerates a pebble over a...

9. (12) Find the following indefinite integrals: a. {(x² +3x+7) dx b. dt

F 1 One property of Laplace transforms can be expressed in terms of the inverse Laplace...

Report ending inventort , sales , cost of goods sold and gross profit on the appropriate...

Vial contains 2 grams oxacillin. Label reads: For IM use reconstitute with 11.5 mL sterile water....

Hibbeler 17-26: The jet aircraft has a total mass of 22 Mg and a center of...

Consider the differential equation y" + 8y' + 15 y=0. (a) Find r1 r2, roots of...

I got parts a-c correct, but I cannot figure out parts d and e. I have...

For the following questions, use the conversion factor of $41.63. The RVUs and GPCIs are as...

Need Help on the last part of the question. The amount increase in the operating income...

What is the largest possible cardinality of a set of disjoint rectangles in the plane? (For...

Hydrogen molecule bonded to a surface is acting as a quantized harmonic oscillator with a force...

Preparing a schedule of cost of goods manufactured for Wilson Corp E16-20 Preparing a schedule of...

When the light ray illustrated in the figure below passes through the glass block of index...

8.18 Points 3. Compounds A and B are isomers of molecular formula C3H19Br. The carbon skeleton...

On October 1, 2017, Kingsway Broadcasting purchased for $400,000 the copyright to publish the music composed...

The data set for the study is a sample of a survey conducted on the population of the American Intellectual Union (AIU)

LEONE COMPANY
	SCHEDULE OF COST OF GOODS MANUFACTURED
	For the year ended December 31, 2017
	Direct materials:
	Raw materials inventory, December 31, 2016	161,200.00
	Raw material purchases	968,000.00
	Raw materials available for use	1,129,200.00
	Less: Raw materials inventory, December 31, 2017	182,000.00
	Direct materials used		947,200.00
	Direct labor		688,800.00
	Factory overhead:
	Factory supervision	127,800.00
	Factory supplies used	7,700.00
	Factory utilities	44,000.00
	Maintenance expense-Factory equipment	36,100.00
	Rent expense-Factory building	79,300.00
	Depreciation expense-Factory equipment	33,900.00
	Indirect labor	56,100.00
	Miscellaneous production costs	10,100.00
	Total factory overhead costs		395,000.00
	Total manufacturing costs		2,031,000.00
	Add: Work in process inventory, December 31, 2016		19,500.00
	Total cost of goods in process		2,050,500.00
	Less: Work in process inventory, December 31, 2017		20,300.00
	Cost of goods manufactured		2,030,200.00
	LEONE COMPANY
	INCOME STATEMENT
	For the year ended December31, 2017
	Sales		4,456,800.00
	Cost of goods sold:
	Cost of goods manufactured	2,030,200.00
	add: Finished goods inventory, December 31, 2016	168300
	Goods available for sale	2,198,500.00
	Less: Finished goods inventory, December 31, 2017	143100
	Cost of goods sold		2,055,400.00
	Gross profit from sales		2,401,400.00
	Operating expenses:
	Selling expenses:
	Depreciation expense-Selling equipment	10,100.00
	Rent expense-Selling space	25,300.00
	Sales salaries expense	399,900.00
	Advertising expense	26,100.00
	Total selling expenses		461,400.00
	General and administrative expenses:
	Rent expense-Office space	29,000.00
	Office salaries expense	66,000.00
	Depreciation expense-Office equipment	8,700.00
	Total general and administrative expenses		103,700.00
	Income before taxes		1,836,300.00
	Income tax expense		271,600.00
	Net Income		1,564,700.00